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Ten Principles of
Economics
Economics
N. Gregory
PRINCIPLES OF
Mankiw
In this chapter,
look for the answers to these
questions:
The principles of
HOW PEOPLE
MAKE
DECISIONS
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ACTIVE LEARNING 1
ACTIVE LEARNING 1
Answers
Cost of fixing transmission = $600
A. Blue book value is $6500 if transmission works,
$5700 if it doesnt
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ACTIVE LEARNING 1
Answers
Observations:
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The principles
of
HOW PEOPLE
INTERACT
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Causes:
Externalities, when the production or consumption
of a good affects bystanders (e.g. pollution)
Market power, a single buyer or seller has
substantial influence on market price (e.g. monopoly)
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ACTIVE LEARNING 2
Discussion Questions
In each of the following situations, what is the
governments role? Does the governments
intervention improve the outcome?
a. Public schools for K-12
b. Workplace safety regulations
c. Public highways
d. Patent laws, which allow drug companies to
charge high prices for life-saving drugs
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The principles
of
HOW THE
ECONOMY
AS A WHOLE
WORKS
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3. Test yourself.
Try the Quick Quiz that follows each section before
moving on to the next section.
Write your answers down, compare them to the
answers in the back of the book. If your answers
are incorrect, review the section before moving on.
4. Practice, practice, practice.
Work through the end-of-chapter review questions
and problems. They are often good practice for the
exams. And the more you use your new knowledge,
the more solid it will become.
TEN PRINCIPLES OF ECONOMICS
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5. Go online.
The book comes with excellent web resources,
including practice quizzes, tools to strengthen your
graphing skills, helpful video clips, and other
resources to help you learn the textbook material
more easily and effectively. Visit:
http://academic.cengage.com/economics/mankiw
6. Study in groups.
Get together with a few classmates to review each
chapter, quiz each other, and help each other
understand the material.
TEN PRINCIPLES OF ECONOMICS
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7. Teach someone.
The best way to learn something is to teach it to
someone else, such as a study partner or friend.
8. Dont skip the real world examples.
Read the Case Studies and In The News boxes in
each chapter. They will help you see how the new
terms, concepts, models, and graphs apply to the
real world. As you read the newspaper or watch the
evening news, see if you can find the connections
with what youre learning in the textbook.
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CHAPTER SUMMARY
CHAPTER SUMMARY
CHAPTER SUMMARY
The principles of the economy as a whole are:
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